U.S. Commodity Futures Trading Commission (CFTC) Chairman Mike Selig criticized on X, saying, "The Illinois Legislature is jeopardizing Chicago's future as a financial market hub by imposing a so-called 'sin tax' on blockchain technology." He added, "The bill imposes taxes even on transfers of cryptocurrency assets where no economic gain has occurred. This effectively turns Illinois residents from holders of property rights into those who can only possess property with government permission. At a time when blockchain technology is transforming financial markets, choosing to tax wallets instead of fostering the cryptocurrency industry could long-term symbolize the decline of Chicago's financial market." Previously, industry backlash arose when Illinois Governor J.B. Pritzker signed the 'Digital Asset Privilege Tax Act,' which imposes a 0.2% tax on cryptocurrency transactions.
